First Time Economic System Bumping into the Boundaries of the Biosphere - John Fullerton

The video discusses the significant expansion of the global economy over the past 30 to 50 years, highlighting its throughput-intensive nature, which involves raw materials input and waste output. This expansion has led to the economy reaching the biosphere's boundaries, with climate change being a notable consequence. The concept of a 'full world economy,' as introduced by Herman Daly, is explored, emphasizing its novelty and distinction from past financial crises. The video concludes by urging a deeper consideration of the profound implications this has for the operation of the economy and finance.

How has the global economy changed in the past 30 to 50 years?

• It has remained the same.

• It has decreased in size.

• It has expanded significantly.

• It has become more localized.

What is a key characteristic of our current economic system?

• It is resource-conserving.

• It is waste-free.

• It is throughput-intensive.

• It is self-sustaining.

What new challenge is our economic system facing for the first time?

• Population decline.

• Financial instability.

• Technological stagnation.

• Biosphere boundaries.

What does climate change represent in the context of our economic challenges?

• A minor issue.

• A symptom of a larger problem.

• An isolated event.

• A resolved issue.

What does Herman Daly's 'full world economy' concept suggest?

• The economy is unaffected by environmental issues.

• The economy has reached its environmental limits.

• The economy is shrinking.

• The economy is limitless.